CTL Strategies ranked by Asia Law Profiles as a leading tax law firm in the Maldives
The Asia Law Profiles have ranked CTL Strategies as the leading law firm in the areas of taxation in the Maldives. It has also recognized us as the highly recommended firm in the areas of litigation and disputes.
The team at CTL Strategies has been praised by their clients as “dedicated and professional” in representing them in foreign investment and, cross-border taxation matters. The firm has a notably stellar reputation amongst local and multinational businesses in the Maldives, for managing and handling tax controversies and corporate litigation.
MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds taxpayers that if they do not fulfil the registration requirements under the TAA or the GST Act, they can de-register by filling out the MIRA 106 form and submitting it to the MIRA. A second announcement, issued on 17 January 2019, focuses on queries raised by the general public regarding tax registration of companies. The MIRA reminds taxpayers that companies can only be removed from the Taxpayers registry once they have been liquidated as per the Companies Act. Up until liquidation, companies must fulfil all obligations as and when required by the tax laws, such as filing tax returns and submitting other necessary documents.
Individuals and Partnerships carrying on with a business, registered under the Tax Administration Act are required to refer to Tax Ruling A11 for registration requirements. GST Registration requirements can be found in the GST Act and Regulations. Businesses that want to deregister from tax must complete the MIRA 106 form and check whether they fulfil the criteria specified in the form.
Cash Declaration Limit Changed
The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount.
The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling to or from the Maldives, to report that amount with the Maldives Customs Service. This rule applies to Maldivian Rufiyaa or foreign currency equivalent to, or exceeding the dollar value specified in the Regulation. Prior to this change, the amount to be declared was USD 30,000 or more.
The changes under the amendment are effective from 17 January 2019 onwards.
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